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Istanbul has moved ahead of London in the rankings for the number of hotels currently under construction, as new developments fall 9.4% in July on the same month last year.
New figures from STR Global found there are 804 hotels, totalling 131,389 rooms, currently under contract in Europe, representing a 9.5% decrease in the number of rooms under contract and a 9.4% decrease in the number of rooms under construction.
The Turkish city reported the most rooms under construction with 4,584 room in 23 hotels, overtaking London which has 3,759 room in 22 hotels in its pipeline.
Meanwhile, Moscow, Russia and Greater Amsterdam, Netherlands were the only other markets reporting more than 2,000 rooms under construction with 3,071 rooms in 13 hotels and 2,346 rooms in eight hotels, respectively.
